These are a few of the strategies I have been discussing at recent Pensions by Candlelight dinners.
- Look for cheap State pension Top Up opportunities
Where you either have fewer than 10 qualifying years or some recent part years
- Stagger Private Pension Withdrawals
Use your annual tax allowances!!!
- Think Carefully About Where You Take Your Income From
Consider drawing income from your ISA and leaving your pension for the kids
- Expressions of Wishes
Use them to save your children tens or even hundreds of thousands of pounds in inheritance tax
- Give while you’re still alive
Equity release with a fixed-rate lifetime mortgage and gift the proceeds. Not for everyone, but can work in the right circumstances
- Planning for the Terminally Ill
Capital gains liabilities disappear on death, whilst assets can be left inheritance tax free to a partner.
- Marry Your Daughter’s Boyfriend
A very high risk strategy to use the spousal exemption from inheritance tax!!!!!!